CEOs across Europe’s financial services sector are embracing opportunities created by Artificial Intelligence (AI), yet nearly two-thirds (63%) remain wary of unintended consequences, according to the latest EY CEO Outlook Pulse Survey.
The July 2023 edition of the pulse survey – which canvassed the views of 96 European financial services CEOs on their strategic plans, headline concerns and investment intentions – found that while leaders embrace the potential advantages that AI can bring to businesses and society, they are concerned about the potential risks of the emerging Generative AI capabilities.
Over half (55%) of respondents said that more needs to be done to mitigate against AI ‘bad actors’ who could use the technology in harmful ways, such as by creating deep fakes or disseminating disinformation, and 52% believe a stronger focus is required on the ethical implications of AI and how it could impact key areas, such as privacy.
Despite concerns, European financial services CEOs are adapting their investment strategies to maximise the benefits that AI could bring to their businesses. Almost all CEOs surveyed (94%) are integrating AI into their capital allocation, with half (51%) of respondents actively investing in the technology and 43% planning to make significant investments in AI in the next 12 months.
More than half (57%) of respondents expect the impact of AI in the workforce to be counterbalanced by new roles and career opportunities that the technology creates. This shows that leaders believe AI will augment human potential, rather than replace it, by bringing exponential value to current processes and capabilities.
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